A crypto analyst has set an ambitious target between $7 and $13 for the XRP price onlinebased on his predictions of Elliott Wave theory and Fibonacci levels. According to the analyst's price chart, Wave 2 and 5 could push XRP to these key targets, marking new all-time highs for the cryptocurrency.
XRP price roadmap to new ATHs
The highest price XRP has risen against a rather long consolidation movehalting the previous price move after hitting the $2.5 mark. Despite bearish trends and a drop to $2.2, crypto analyst on TradingView, 'Zerpcrypto,' has divided a wave forecast for the popular altcoin.
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According to the analysis, XRP could experience a significant price increases between $7.4 and $13.5. The analyst based his bullish predictions on XRP's recent price action and the Elliott Wave Theorya technical analysis tool that identifies predictable patterns in crypto prices and helps predict market trends.
2-year-old Zerpcrypto division XRP stock price history from 2014 to present; label waves counting from one to five for the larger cycles and the sub-waves within those cycles. The analyst's chart shows that XRP is currently in the middle of Wave 3, indicating its move up possible.
With Wave 2 already doneZerpcrypto predicts that Wave 3 could trigger a strong price rally, which could move XRP to $7.4. After reaching the Wave 3 target, a small pullback is expected in Wave 4, allowing the market to consolidate before XRP's final big push up to Wave 5. In this last wave, XRP could rise to $13.5 and maybe even rise as high as $27.4.
In addition to the Elliott Wave theory, Zerpcrypto predictions are based Fibonacci levels. The projected $7.4 and $13.5 XRP price targets align with the 4.236 and 8.618 Fibonacci expansion levels respectively, reinforcing the analyst's bullish view.
Zerpcrypto has also shown positive attention Moving Average Compound Multiplier (MACD) for XRP, strengthening his confidence in the cryptocurrency's projected price target of $7.4 to $13.5.
Crypto whales buy 40 million XRP
In spite The XRP exchange rate dropped to zero to $2.25, a decline of 13% over the past week, whales continue to accumulate many signals, viewing the price drop as a buying opportunity. Crypto analyst Ali Martinez show up in a recent X (formerly Twitter) post that whales have bought another 40 million XRP in the last 24 hours.
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A crypto community member speculation that this large scale purchases That could indicate that whales could be setting themselves up for a big change in XRP. Usually, an increase in whale buying activity often reflects more confidence in the bullish view on cryptocurrency.
With the price of XRP exceeding 4X from the previous low of $0.5 to exceed $2.2 in just two months, analysts a rehearsal continued gains as the bull market accelerates.
Featured image created by Dall.E, chart from Tradingview.com
